The supply-chain finance company owned by billionaire Lex Greensill has been looking for ways to raise capital with the ultimate aim of going public. The firm has been seeking to cut risk on its bank loan book under pressure from the German regulator BaFin, separate people familiar with the matter said. On Monday, key customer Credit Suisse Group suspended funds that invest in Greensill products amid concerns about the size of its exposure to firms linked to UK industrialist Sanjeev Gupta, according to a Credit Suisse statement and people familiar.
Investment into Greensill by the Vision Fund was led by former managing partner Colin Fan, who recently left his role at the behemoth investment fund. SoftBank redeemed US$700 million from the Credit Suisse funds last year, amid conflict-of-interest accusations. Many of the companies that were financed by the investment vehicles were also Vision Fund portfolio companies, including Indian hotel chain Oyo and Fair Financial Corp. The Vision Fund has rebounded from a rocky spell over 2020, reporting a US$7.9 billion profit in the three months ended Dec 31, surpassing record numbers set just a quarter earlier.